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enBreaking Down Illinois&#039; Pension Crisishttp://spectator.org/blog/56990/breaking-down-illinois-pension-crisis
<p>Illinois’ pension problems are big—far bigger than the $100 billion funding gap the legislature said it tackled earlier this week with a new set of reforms. The funding gap is actually double that—well over $200 billion—when <a href="http://www.sacbee.com/2013/12/03/5967352/pension-reform-plan-just-not-good.html">calculated on a fair-market basis.</a><a href="http://www.sacbee.com/2013/12/03/5967352/pension-reform-plan-just-not-good.html"><br /></a></p>Thu, 05 Dec 2013 11:08:00 -0500Eileen Norcross56990Bailouts and Detroit&#039;s Massive Pension Problemhttp://spectator.org/blog/54769/bailouts-and-detroits-massive-pension-problem
<p>As <em><a href="http://thehill.com/homenews/administration/325057-obama-administration-plans-320-million-for-motown-aid">The Hill</a></em> reported, and as <a href="http://spectator.org/blog/2013/09/27/detroit-to-receive-not-bailout"> Joshua noted</a> yesterday, the Obama administration will send Detroit $320 million in federal dollars in emergency funds. The funds will be used to demolish properties, hire police and firemen, install security cameras on buses, and fix streetlights. Detroit is currently in bankruptcy proceedings and faces $18.5 billion in unpaid debts.</p>Sat, 28 Sep 2013 12:31:00 -0400Eileen Norcross54769Detroit&#039;s Bankruptcy and Public-Sector Pensionshttp://spectator.org/blog/54363/detroits-bankruptcy-and-public-sector-pensions
<p>Detroit's move to <a href="http://money.cnn.com/2013/07/18/news/economy/detroit-bankruptcy/index.html"> file for bankruptcy</a> on July 18 is not a surprise. The city's ongoing economic and fiscal problems are well-known.</p>Sat, 20 Jul 2013 01:42:00 -0400Eileen Norcross54363Obamacare and Chicago&#039;s Unionshttp://spectator.org/blog/53788/obamacare-and-chicagos-unions
<p>Much has been said about the trouble with public-sector pensions. Many <a href="http://www.cbo.gov/publication/22042">state and local plans are underfunded</a> and, unless policy and accounting changes are undertaken, some major plans will run out of assets to pay benefits over the coming years. That means these plans will have to operate on a pay-as-you-go-basis, forcing budgetary tradeoffs and tax hikes. Public-sector pensions often come with <a href="http://www.ncsl.org/documents/fiscal/AMonahan_Presentation.pdf">legal guarantees</a>.</p>Thu, 16 May 2013 03:19:00 -0400Eileen Norcross53788Money for Nothing?http://spectator.org/blog/53543/money-nothing
<p>I have a piece running at <em>U.S. News and World Report</em> that asks if Hollywood really needs the tax credits that states are all too eager to give to film companies. And more importantly, do states get much in return? Recently, Maryland Governor Martin O'Malley <a href="http://washingtonexaminer.com/maryland-film-tax-credit-heads-to-omalleys-desk/article/2526062"> tripled the state's film credit</a> program from $7.5 million to $25 million. At the same time Maryland has been searching for revenues to fill budget gaps.</p>Wed, 17 Apr 2013 02:24:00 -0400Eileen Norcross53543Illinois Takes Another Pass at Pension Reformhttp://spectator.org/blog/53483/illinois-takes-another-pass-pension-reform
<p>Illinois has the distinction of having the <a href="http://www.reuters.com/article/2013/04/08/us-usa-illinois-pensions-idUSBRE93700H20130408">worst-funded pension plan</a> in America. In addition to a massive funding shortfall, the state also has the lowest credit rating and owes <a href="http://illinoispolicy.org/blog/blog.asp?ArticleSource=5691">"$10 billion in backlogged payments to vendors, schools, hospitals and charities"</a>. Pension plan payments make up 22 percent of the general fund budget, and in a decade have gone from $1.8 billion to $7.5 billion annually.</p>Wed, 10 Apr 2013 04:44:00 -0400Eileen Norcross53483German Bailout, Russian Haircuthttp://spectator.org/blog/53370/german-bailout-russian-haircut
<p>Early Monday morning Cyprus' leaders <a href="http://uk.reuters.com/article/2013/03/25/uk-eurozone-cyprus-idUKBRE92F07R20130325">reached a deal</a> with the EU, the European Central Bank and the International Monetary Fund. Cypriot bank accounts exceeding €100,000 will be taxed (at around or less than 30 percent). In exchange for the move, Cyprus will receive €10 billion from the EU. And the island's second largest bank, Cyprus Popular Bank (also known as Laiki Bank), will be shut down. Investors with less than €100,000 are safe at this time. </p>Mon, 25 Mar 2013 10:31:00 -0400Eileen Norcross53370The Clock is Ticking for Cyprushttp://spectator.org/blog/53359/clock-ticking-cyprus
<p>After the Cypriot Parliament struck down the EU-proposal to levy a tax on Cypriot bank depositors as part of a bank bailout deal, Cyprus' finance minister moved to plan B: ask Russia for help.</p>Fri, 22 Mar 2013 03:21:00 -0400Eileen Norcross53359Panic on the Streets of Cyprushttp://spectator.org/blog/31758/panic-streets-cyprus
<p>A taxi driver in Cyprus describes it as "<a href="http://online.wsj.com/article/SB10001424127887323639604578366482313616070.html">a lightening bolt out of nowhere</a>." This weekend, the Mediterranean island nation announced that individual bank account deposits are in the crosshairs of an EU bailout plan. According to a deal negotiated with EU members, Cyprus must raise $7.5 billion in exchange for $13 billion in German bailout funds. And as of yesterday, Cyprus' leaders agreed to do so by tapping individual bank accounts.</p>Wed, 20 Mar 2013 08:05:00 -0400Eileen Norcross31758Obamacare&#039;s Options: Medicaid Expansion in the Stateshttp://spectator.org/blog/31645/obamacares-options-medicaid-expansion-states
<p>One outcome of the Supreme Court's June 2012 health care ruling is that the federal government cannot force states to expand Medicaid. And yet, as of last week, <a href="http://www.advisory.com/Daily-Briefing/2012/11/09/MedicaidMap">24 states</a> have volunteered to do so.</p>Wed, 06 Mar 2013 05:15:00 -0500Eileen Norcross31645